Northern Arc to acquire biz of Smile Microfinance

NBFC Northern Arc is to acquire the microfinance business of fellow Chennai-based Smile Microfinance through a slump sale. The transaction will involve the takeover of the microfinance portfolio of Smile, along with its network of nearly 150 branches catering to over 200,000 customers. Around 850 employees of Smile will move to the rolls of the Northern Arc group. The acquisition is expected to help Northern Arc hasten its lending business in the rural pockets, where it plans to offer small ticket loans through a digital platform.